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Home insurance premiums could rise by up to 15 per cent in the next year because of unpredictable global weather conditions, warns the Irish Brokers Association (IBA). The organisation issued a statement urging all homeowners to review the own home cover to make sure that they were getting the best value for money premium possible.

The IBA represents 700 insurance broker firms across Ireland and their director of general services, Brian McNelis said, “Reinsurers have inferred that rates will be rising on home insurance quotes over the next quarter. This is unsurprising given the catastrophic weather conditions which have been experienced all over the world of late, all of which have a significant impact on the wider insurance market, which in turn has a ripple effect on the domestic market in the form of higher premiums.”

Irish insurance firms have also experienced having to make larger payouts over the past two winters because of the terrible weather.

Homeowners need to review how they have insured their properties as many people will find that they have over-insured on their homes but under-insured on its contents. People can also look at the purchase price of the house they insured, which may have fallen during the recent recession, but must take the steps to reduce the home cover where possible.

McNelis added, “Savings can be made as these costs are now less and have come down significantly from the peak. Insurance companies will not reduce sums insured unless instructed by the homeowner or their broker.”

All the information needed to make a careful decision and informed before making this major investment. Here we suggest some key criteria that can be taken in choosing the best home for your family.

• Determine the ideal size of your house

To begin, consider the current characteristics of your family, as the number of members that compose it and the children they plan to have. This factor will help you determine the ideal size of the house.

If you are single or newly married and without children, you might agree something smaller, like a house or a condo townhouse. However, if you already have children or plan to have them soon, includes a house with several bedrooms and a large garden for children to enjoy. The type of house you buy will also affect the type of home insurance you need.

• Pick the location according to your lifestyle

The routine, lifestyle and needs of your family help you determine the most appropriate location. Find the distance to work, shopping centers and homes of your relatives and friends to choose a good area.

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